At AGMs, new directors, a chairman are appointed

New Hana Financial Group Chairman Ham Young-joo [YONHAP]

Shareholders of Hana Financial Group approved Ham Young-joo as chairman.

At an annual general meeting Friday morning, a vote on Ham, 66, was the main item on the agenda.

Following shareholders’ approval, Ham replaced Kim Jung-tai. Kim became chairman in March 2012.

The chairman's term lasts three years.

The National Pension Service, the largest single shareholder with a 9.19 percent stake, voted for Ham.

Ham, a former Hana Financial Group’s Vice Chairman, was nominated by a board committee in February. But he faced legal hurdles.

Ham received a reprimand in 2020 from the Financial Supervisory Service over the failure to fulfill his duties to prevent losses related to sales of derivative-linked funds (DLFs) from 2016 through 2019. Ham was Hana Bank CEO from 2015 through 2019. A Seoul court upheld the punishment on March 14, which Ham has appealed.

On Thursday, the Seoul High Court granted a request from Ham to suspend the enforcement of the regulatory punishment until 30 days after the appeals trial, assuming Ham loses the appeal.

Five independent directors proposed by the board were also approved at the AGM.

At KB Financial Group’s AGM on the same day, Choi Jae-hong, a professor in Gangneung-Wonju National University’s Department of Multimedia Engineering, was named an independent director.

Choi was recommended by the board for his expertise in IT, as the company works on its digital transformation.

Kim Young-su, an independent director proposed by the company’s labor union, failed to be approved. Kim is a former Export-Import Bank of Korea Vice President. The union said his experience in overseas business would help KB Financial Group expand overseas.

It was the fifth time the union recommended an outside director. All its nominations have failed.

KB Bank CEO Lee Jae-keun was named a director.

The new role will allow Lee onto committees that make important corporate decisions.

Woori Financial Group appointed its first female independent director at its AGM Friday.

Song Soo-young is a partner at Shin & Kim. Her main areas of practice include the environment and corporate governance.

Lee Won-duk, Woori Bank CEO, was named a director.

BY JIN MIN-JI [jin.minji@joongang.co.kr]